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TEXAS AUCTIONEER LICENSE EXAM 200 QUESTIONS AND CORRECT ANSWERS SORTED.

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TEXAS AUCTIONEER LICENSE EXAM 200 QUESTIONS AND CORRECT ANSWERS SORTED. Name some persons that are exempt from needing an auctioneer license. - ANSWER1. U.S. court ordered sale 2. A government sponsored or conducted sale. 3. A charitable organization as long as no compensation 4. A sale of...

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  • November 1, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TEXAS AUCTIONEER LICENSE
  • TEXAS AUCTIONEER LICENSE
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TEXAS AUCTIONEER LICENSE EXAM 200

QUESTIONS AND CORRECT ANSWERS SORTED.




Name some persons that are exempt from needing an auctioneer license. - ANSWER1.

U.S. court ordered sale

2. A government sponsored or conducted sale.

3. A charitable organization as long as no compensation

4. A sale of real property by a trustee under a security instrument.

5. A sale of real property by an owner with an interest or employee (unless he/she is a

licensed auctioneer by trade) and all property is under a security instrument

6. sealed bid auction w/o option to bid again

7. livestock sales

8. automobile auctions



T or F. An auctioneer owes a tax or fee to the state based on his services for each

auction. - ANSWERFalse. Auctioneers cannot be taxed on their services if they are duly

licensed.



T or F. A person auctioning items online needs a license. - ANSWERFalse. Licenses

not required for online auctions/sales.



A licensed auctioneer can perform an auction for what three entities? - ANSWER1. a

registered auction firm 2. a real estate broker with an auction license 3. a dealer or

,wholesaler of motor vehicles if they hold the proper registered number.



Name the requirements for obtaining an auction license. - ANSWER1. at least 18 years

of age.

2. has a high school diploma

3. is a U.S. citizen or legal alien

4. has taken 80 hours of approved coursework

5. has passed a state exam OR

6. has worked two years for a licensed auctioneer and has worked 10 auctions



What are the requirements to receive an associate auctioneer license? - ANSWER1.

Works for a licensed auctioneer.

2. is a U.S. citizen or legal alien



How many times may an applicant re-test per year? - ANSWER2; AND then must wait a

year to re-apply.

,Does Texas allow auction license reciprocity? - ANSWERYes, as long as the state or

jurisdiction has similar laws and processes; nonresidents must provide a signed consent

to service.



What are the Auction Advisory Board's responsiblities? - ANSWERAdvise the

commission on educational matters, operational matters and common practices in

auction industry.



The advisory board consists of? - ANSWER7 members, 4 licensed auctioneers, 2 public

at large, 1 administrative head from the state



What is the term of an advisory board member? - ANSWER2 years, no more than 2

consecutive terms



The presiding officer of the commission appoints the next presiding officer from the

advisory board. What is the term for the officer? - ANSWER2 years, no more than 2

consecutive terms



Are advisory board members compensated? - ANSWERNo



What is the "Fund"? - ANSWERThe recovery fund set up to pay claims made against

licensed auctioneers.



It the recovery fund drops below this amount, licensees must contribute at their next

license renewal. - ANSWER$350,000

, Funds in excess of what amount may be used for furthering auctioneer education and

training? - ANSWER$300,000



Who may initiate a claim against the Fund for actions by a licensee? - ANSWER1. a

complainant or aggrieved party 2. the executive director of the commission



Can a decision by the commission on a complaint be appealed? - ANSWERYes.


A payment from the Fund to an aggrieved party cannot include payments on certain

expenses. What are they? - ANSWERAttorneys fees, profits, speculative damages



The limit on a payout from the fund for an aggrieved party is ? The limit

on a payout for a single auction is ? The limit on payout to a single

auctioneer is ? - ANSWER$15,000, $30,000, $30,000



Must a licensee against which a claim was made that results in a payout to a party be

responsible to reimburse the Fund? - ANSWERYes, immediately, and he/she must pay

anything he/she owes to the aggrieved party at that time as well; he CAN pay back the

Fund on a schedule with 8% interest approved by the commission.

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